The catalytic chemical conversion of hydrocarbons on transition metals is at the heart of a good number of processes of industrial importance, including oil and food processing, pharmacological synthesis, manufacturing of specialty chemicals, and polymer production, to name a few. This is an old field that has advanced in great measure by process development work based on trial and error. It has only been in the last few decades, with the advent of a battery of new surface‐sensitive techniques, that it has been possible to address the fundamental questions on the basic chemistry behind those hydrocarbon conversion reactions. In this review we highlight some of the main ideas advanced in this field by modern surface‐science studies. Particular emphasis is given here to the pioneering work of Professor Somorjai's group as well as our more recent contributions. A discussion is provided on the state of the art of the knowledge available in terms of the elementary steps involved in the transformations of hydrocarbons on metals, as obtained in experiments performed under well‐controlled vacuum conditions; on the connection between that knowledge and the reactions that may prevail under the atmospheric pressures encountered in real catalytic processes; and on the key questions that remain unanswered to date and the possible future directions in this area of research.